Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Authorized Shares of Common Stock

On June 30, 2020, the Company's shareholders approved a proposal to amend the Company's charter to authorize an increase in the Company's authorized shares of common stock. Subsequent to this approval, also on June 30, 2020, the Company filed articles of amendment with the Secretary of State of the State of Maryland, which amended its Articles of Amendment and Restatement effective on such date to increase the Company's authorized common stock shares from 200,000 shares of common stock at $0.01 par value per share to 400,000 shares of common stock at $0.01 par value per share. The Company has concluded that as of June 30, 2020 the conversion

option qualifies for equity classification and the bifurcated derivative liability will no longer need to be accounted for as a separate derivative on a prospective basis from the date of reassessment. As of June 30, 2020, the fair value of the conversion option of $36,952 was classified to equity as additional paid-in capital.

Exchange Offer

The Company issued 70,261 shares of its common stock on March 27, 2020 in connection with the Exchange Offer (see Note 6 - Debt). The issuance of these shares was recorded using the fair value of the Company's common stock on the date the shares were issued and resulted in an increase in the par value of common stock and additional paid-in capital of $703 and $24,606, respectively. The shares were issued in exchange for 5.00%/7.00% Convertible Notes, and, as such, the Company received no cash proceeds as part of the exchange.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:

	As of
	June 30, 2020		December 31, 2019
Unrecognized pension and postretirement benefit costs, net of tax	$	(7,021)	$	(7,071)
Foreign currency translation losses, net of tax	(7,215)		(6,303)
Total accumulated other comprehensive loss	$	(14,236)	$	(13,374)

Changes in accumulated other comprehensive loss by component in the three months ended June 30, 2020 and June 30, 2019 are as follows:

	Defined Benefit Pension and Postretirement Items				Foreign Currency Items				Total
	Three Months Ended				Three Months Ended				Three Months Ended
	June 30,				June 30,				June 30,
	2020		2019		2020		2019		2020		2019
Beginning Balance	$	(7,046)	$	(9,130)	$	(7,251)	$	(5,659)	$	(14,297)	$	(14,789)
Other comprehensive loss before reclassifications, net of tax	—		—		36		(279)		36		(279)
Amounts reclassified from accumulated other comprehensive loss, net of tax (a)	25		23		—		—		25		23
Net current period other comprehensive income (loss)	25		23		36		(279)		61		(256)
Ending Balance	$	(7,021)	$	(9,107)	$	(7,215)	$	(5,938)	$	(14,236)	$	(15,045)

^(a) See reclassifications from accumulated other comprehensive loss table below for details of reclassification from accumulated other comprehensive loss in the three months ended June 30, 2020 and June 30, 2019.

Changes in accumulated other comprehensive loss by component in the six months ended June 30, 2020 and June 30, 2019 are as follows:

	Defined Benefit Pension and Postretirement Items				Foreign Currency Items				Total
	Six Months Ended				Six Months Ended				Six Months Ended
	June 30,				June 30,				June 30,
	2020		2019		2020		2019		2020		2019
Beginning Balance	$	(7,071)	$	(9,153)	$	(6,303)	$	(5,195)	$	(13,374)	$	(14,348)
Other comprehensive loss before reclassifications, net of tax	—		—		(912)		(743)		(912)		(743)
Amounts reclassified from accumulated other comprehensive loss, net of tax (a)	50		46		—		—		50		46
Net current period other comprehensive income (loss)	50		46		(912)		(743)		(862)		(697)
Ending Balance	$	(7,021)	$	(9,107)	$	(7,215)	$	(5,938)	$	(14,236)	$	(15,045)

^(a) See reclassifications from accumulated other comprehensive loss table below for details of reclassification from accumulated other comprehensive loss in the six months ended June 30, 2020 and June 30, 2019.

Reclassifications from accumulated other comprehensive loss are as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Unrecognized pension and postretirement benefit items:
Prior service cost (a)	$	13	$	13	$	26	$	26
Actuarial loss (a)	12		10		24		20
Total before tax	25		23		50		46
Tax effect	—		—		—		—
Total reclassifications for the period, net of tax	$	25	$	23	$	50	$	46

(a) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost included in other income, net.